Biogen to pay $1 billion to Ionis in new partnership

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April 20 (Reuters) - Drugmaker Biogen Inc said on Friday it would pay Ionis Pharmaceuticals Inc $1 billion in cash as part of a new ten-year agreement to develop medicines for a broad range of neurological diseases including dementia.

The payment will include an equity investment in Ionis and an upfront payment.

The companies said they expect the deal to close in the second quarter. (Reporting by Tamara Mathias in Bengaluru Editing by Supriya Kurane)